JP Morgan Chase executives hint at their approval of stablecoin regulation

JPM Coin
  • CEO Jamie Dimon and CFO Jennifer Piepszak agreed to their weighing in on the OCC’s recent agreement regarding allowing the banks to use the stablecoin for payments
  • JPM CFO Jennifer Piepszak stated that the audience allows a provision of stability on a public blockchain; hence it will not impact the JPM Coin
  • Jennifer further proclaimed that the possibility of a JPM-backed stablecoin would continue to evaluate if the customers show enough interest.

JPMorgan’s CFO Jennifer Piepszak and CEO Jamie Dimon were recently a part of the earnings call of the company’s Chase’s Q4 2020.  

They finally expressed their approval of the OCC’s recent agreement. The receptive agreement allows banks to use the stablecoin for payment purposes. They also weighed on whether or not the respective approval will influence the JPM Coin’s development.

The details of Chase’s Q4 2020 earnings call

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There was a question-answer section held within the respective call. During it, Portales Partners analyst Charles Peabody put forward some critical questions. One of them was about the OCC’s approval for banks to access and employ public blockchain networks for payment.

JPM CFO Jennifer Piepszak answered the respective question by stating that the audience allows a provision of stability on a public blockchain. This further implies that it will not impact the JPM Coin. The coin, as claimed by Jennifer, can be regarded as the tokenization of their customer deposits.

However, she clarified that the possibility of a JPM-backed stablecoin would remain intact if the customers showed enough interest. Her statement remarked that it was very early to take a call on the respective context. 

Though the company plans to assess the use cases along with the customers’ demand, it still is a far fetched idea for them.

JPM CEO Jamie Dimon took forward the conversation by mentioning that the bank is already sharing data with other banks through blockchain. He further proclaimed that they are at the forefront of it, which is a significant benefit. 

The history of JPM Coin

JPM coin was introduced in October 2020. It is primarily used on the JPM’S payment system. It helps to resolve and execute around $6 trillion in payments on a day-to-day basis. 

Jennifer also detailed the JPM Coin scheme as tokenizing deposits to make the payment facility convenient for the customers.

Moreover, Jamie seemed to suggest that the settlement of crypto payments won’t greatly affect the operations of JPM. Thus, it can be noted that Jamie might be underestimating crypto’s potential impact on the payments ecosystem. 

It is interesting to note that Jamie mentioned one of the Fintech giants, Paypal as a payments competitor. Meanwhile, the latter recently confirmed that they would be offering crypto payments from 2021. 

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Andrew Smith
Andrew is a blockchain developer from his education and developed his interest in the cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer.

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